Section 234C(1)(b) in The Income Tax Act, 1961

[Cites 0, Cited by 10] [Section 234C(1)] [Section 234C] [Entire Act]

Union of India - Subsection

Section 234C(1)(b) in The Income Tax Act, 1961

(b)an assessee who declares profits and gains in accordance with the provisions of sub-section (1) of section 44AD or sub-section (1) of section 44ADA, as the case may be, who is liable to pay advance tax under section 208 has failed to pay such tax or the advance tax paid by the assessee on its current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent on the amount of the shortfall from the tax due on the returned income:

Legal Document View

Unlock Advanced Research with PRISMAI

Union of India - Subsection

Section 234C(1)(b) in The Income Tax Act, 1961